You are here
RICHMOND, Va. — GPM Investments LLC is making another acquisition that will further develop its existing portfolio of convenience stores in the Southeast. The company signed an agreement with Mountain Empire Oil Co. Inc., operating as Roadrunner Markets, under which it will purchase 92 convenience stores with fuel sales and seven quick-service restaurants.
The assets are located in North Carolina, South Carolina, Tennessee and Virginia.
"We regard acquisitions as a cornerstone to GPM’s expansion and, given its proximity to our existing store base, we view the Roadrunner Markets acquisition as an integral component of our growth strategy," stated GPM President and CEO Arie Kotler. "We have enjoyed serving our loyal customers in the Southeast, and look forward to integrating these locations into the GPM family."
Roadrunner’s company mission is "to delight the customer in a way that makes them come back tomorrow." In its announcement released Monday, GPM said it embraces this philosophy and plans to continue to enhance the customer experience at all of its locations.
"Our decision to work with GPM is consistent with the principles that have guided my father and serves as the foundation of his legacy, those that prioritize Mountain Empire’s customers and employees above all else," said Roadrunner Markets President and CEO Ryan Broyles. "I am confident that both will be in good hands under GPM’s ownership."
The acquisition is expected to close early in the second quarter of 2017. With the addition of the Roadrunner stores, GPM will widen its reach more than 1,100 stores.
SunTrust Robinson Humphrey Inc. served as financial advisor to Roadrunner Markets in the transaction.
Richmond-based GPM established a Southeast division in August 2013 following its acquisition of VPS Convenience Store Group's Southeast division. The division was originally composed of 263 company-operated units, plus 33 dealer locations.
Since then, GPM has also grown its Southeast presence via:
- The acquisition of five Get & Zip locations from Hurst Harvey Oil Inc. The stores were located in the Northern Neck and Middle Peninsula areas of Virginia.
- The acquisition of eight convenience stores with gas from Arey Oil Co. The One Stop Food Stores were located in North Carolina and South Carolina.
- The acquisition of 67 Apple Market locations — 42 convenience stores with gasoline and approximately 25 dealer-operated stores — in Virginia and Kentucky from Fuel USA LLC.
GPM Investments, together with its subsidiaries, is the largest privately-owned company in the convenience channel. The company operates or supplies fuel to stores in Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia.